Design and engineering firm Adnan Saffarini has won the design and supervision contract for the first two commercial towers as part of the Ras Al Khaimah Financial City project.
The two 65-storey towers form the central part of developer Rakeen’s 12-tower project, and will be made up of offices, retail space and a hotel.
Rakeen is currently negotiating with six international contractors for the main construction package, which including infrastructure and landscaping is estimated to be worth around US $408 million (AED 1.6 billion).
“All of the contractors have strength and experience in terms of approaching the structural challenges that the project will pose,” said Dr Imad Haffar, chief operating officer, Rakeen.
“We hope to award the contract within the next two months.”
Construction of the two towers is expected to begin by the end of the year and will take around 36 months to complete.
Investors will be invited to either form a joint venture with Rakeen or individually develop the remaining 10 towers. Each plot will be spread across 13,900 m2.
Ras Al Khaimah Financial City will be the hub of the RAK Offshore project currently under development by RAK Investment Authority. It will be the base for financial operations for the regional business community.
“The development will be a landmark on the coastline of the Arabian Gulf and its design is something Rakeen is very proud of,” said Dr Khater Massaad, executive chairman, Rakeen.
“However, it is also crucial that Ras Al Khaimah has a centre of financial strength that will further instigate the growth of the emirate and we are adamant that is what RAK Financial City will do.”
Rakeen was set up early last year as part of the government’s overall economic plan for the emirate. The company is also building Al Majan Islands, a cluster of five islands which is costing $1.8 billion to develop, along with The Gateway, Al Hamra Amenity Centre, Jabal Al Jais and Banyan Tree Resort.
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